General Journal Page: 1

DATE DESCRIPTION POST REF DEBIT CREDIT

1 2006
2 Dec 1 Cash in Bank 25,000
3 Jennifer Rachel, Capital 25,000
4 Memo 1
5 2 Office Equipment 525
6 Cash in Bank 525
7 Check 101
8 2 Office Supplies 73
9 Cash in Bank 73
10 Check 102
11 5 Instructional Equipment 13,924
12 Cash in Bank 13,924
13 Check 103
14 5 Cash in Bank 950
15 Private Lessons Fee 950
16 Receipt 1
17 6 Instructional Equipment 8,494
18 Accts Payable - Educational Software 8,494
19 Invoice 395
20 8 Accounts Rec - Carla DiSario 36
21 Group Lessons Fee 36
22 Invoice 101
23 9 Rent Expense 850
24 Cash in Bank 850
25 Check 104
26 10 Accts Rec - George McGarty 275
27 Group Lessons Fee 275
28 Invoice 102
29 10 Office Equipment 2,375
30 Accts Payable - T&N School Equipment 2,375
31 Invoice 5495
32 11 Cash in Bank 695
33 Private Lessons Fee 695
34 Receipt 2
35 13 Cash in Bank 36
36 Acts Rec - Carla DiSario 36
37 Receipt 3
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 General Journal Page: 2
DATE DESCRIPTION POST REF DEBIT CREDIT
1 2006
2 Dec 14 Accts Pay - Educational Software 200
3 Cash in Bank 200
4 Check 105
5 15 Maintenance Expense 750
6 Cash in Bank 750
7 Check 106
8 18 Jennifer Rachel, Withdrawals 500
9 Cash in Bank 500
10 Check 107
11 20 Utilities Expense 183
12 Cash in Bank 183
13 Check 108
14 24 Miscellaneous Expense 45
15 Cash in Bank 45
16 Check 109
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 General Journal Page: 1
DATE DESCRIPTION POST REF DEBIT CREDIT
1 2006
2 Dec 1 Cash in Bank 101 25,000
3 Jennifer Rachel, Capital 301 25,000
4 Memo 1
5 2 Office Equipment 150 525
6 Cash in Bank 101 525
7 Check 101
8 2 Office Supplies 140 73
9 Cash in Bank 101 73
10 Check 102
11 5 Instructional Equipment 155 13,924
12 Cash in Bank 101 13,924
13 Check 103
14 5 Cash in Bank 101 950
15 Private Lessons Fee 405 950
16 Receipt 1
17 6 Instructional Equipment 155 8,494
18 Accts Payable - Educational Software 210 8,494
19 Invoice 395
20 8 Accounts Rec - Carla DiSario 110 36
21 Group Lessons Fee 401 36
22 Invoice 101
23 9 Rent Expense 515 850
24 Cash in Bank 101 850
25 Check 104
26 10 Accts Rec - George McGarty 120 275
27 Group Lessons Fee 401 275
28 Invoice 102
29 10 Office Equipment 150 2,375
30 Accts Payable - T&N School Equipmen 215 2,375
31 Invoice 5495
32 11 Cash in Bank 101 695
33 Private Lessons Fee 405 695
34 Receipt 2
35 13 Cash in Bank 101 36
36 Acts Rec - Carla DiSario 110 36
37 Receipt 3
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 General Journal Page: 2
DATE DESCRIPTION POST REF DEBIT CREDIT
1 2006
2 Dec 14 Accts Pay - Educational Software 210 200
3 Cash in Bank 101 200
4 Check 105
5 15 Maintenance Expense 505 750
6 Cash in Bank 101 750
7 Check 106
8 18 Jennifer Rachel, Withdrawals 305 500
9 Cash in Bank 101 500
10 Check 107
11 20 Utilities Expense 525 183
12 Cash in Bank 101 183
13 Check 108
14 24 Miscellaneous Expense 510 45
15 Cash in Bank 101 45
16 Check 109
17 31 Miscellaneous Expense 510 15
18 Cash in Bank 101 15
19 Dec Bank Statement
20 Closing Entries
21 31 Group Lessons Fees 401 311
22 Privat Lessons Fees 405 1,645
23 Income Summary 310 1,956
24 31 Income Summary 310 1,843
25 Maintenance Expense 505 750
26 Miscellaneous Expense 510 60
27 Rent Expense 515 850
28 Utiliites Expense 525 183
29 31 Income Summary 310 113
30 Jennifer Rachel, Capital 301 113
31 31 Jennifer Rachel, Capital 301 500
32 Jennifer Rachel, Withdrawals 305 500
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ACCOUNT Cash in Bank ACCOUNT NO. 101
POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
Dec 1 G1 ### ###
2 G1 525 ###
2 G1 73 ###
5 G1 ### ###
5 G1 950 11,428
9 G1 850 ###
11 G1 695 11,273
13 G1 36 11,309
14 G2 200 11,109
15 G2 750 ###
18 G2 500 9,859
20 G2 183 9,676
24 G2 45 9,631
31 G2 15 9,616
ACCOUNT Accounts Receivable - Carla DiSario ACCOUNT NO. 110
POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 8 G1 36 36
13 G1 36 ------

ACCOUNT Accounts Receivable - George McGarty ACCOUNT NO. 120

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 10 G1 275 275

ACCOUNT Office Supplies ACCOUNT NO. 140

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 2 G1 73 73
ACCOUNT Office Equipment ACCOUNT NO. 150
POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 2 G1 525 525
10 G1 2,375 2,900

ACCOUNT Instructional Equipment ACCOUNT NO. 155

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 5 G1 ### ###
6 G1 8,494 ###

ACCOUNT Accounts Payable - Educational Software ACCOUNT NO. 210

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 6 G1 8,494 8,494
14 G2 200 8,294
ACCOUNT Accounts Payable - T&N School EquipmentACCOUNT NO. 205
POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 10 G1 2,375
75 2,375

ACCOUNT Jennifer Rachel, Capital ACCOUNT NO. 301

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 1 G1 ### ###
31 Closing Entry G2 113 25,113
31 Closing Entry G2 500 ###

ACCOUNT Jennifer Rachel, Withdrawals ACCOUNT NO. 305

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 18 G1 500 500
31 Closing Entry G2 500 ------
ACCOUNT Income Summary ACCOUNT NO. 310
POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 31 Closing Entry G2 1,956 1,956
31 Closing Entry G2 1,843 113
31 Closing Entry G2 113 ----- -----

ACCOUNT Group Lessons Fees ACCOUNT NO. 401

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 8 G1 36 36
10 G1 275 311
31 Closing Entry G2 311 -----
ACCOUNT Web Server Fees ACCOUNT NO. 405
POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 5 G1 950 950
11 G1 695 1,645
31 Closing Entry G2 1,645 -----

ACCOUNT Maintenance Expense ACCOUNT NO. 505

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 15 G2 75 75
31 Closing Entry G2 75 -----
ACCOUNT Miscellaneous Expense ACCOUNT NO. 510
POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 24 G2 45 45
31 G2 15 60
31 Closing Entry G2 60 -----

ACCOUNT Rent Expense ACCOUNT NO. 515

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 9 G1 850 850
31 Closing Entry G2 850 -----

ACCOUNT Utilities Expense ACCOUNT NO. 525

POST BALANCE
DATE DESCRIPTION REF DEBIT CREDIT DEBIT CREDIT
2006
DEC 20 G2 183 183
31 Closing Entry G2 183 -----
 Fast Track Tutoring Service
Work Sheet
For the Month Ended December 31, 2006

ACCT TRIAL BALANCE INCOME STATEMENT BALANCE SHEET

NO ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1 101 Cash in Bank 9,616 9,616 1
2 110 Accts Rec - Jcarla DiSario -------- -------- 2
3 120 Accts Rec - George Mc Garty 275 275 3
4 140 Office Supplies 73 73 4
5 150 Office Equipment 2,900 2,900 5
6 155 Instuctional Equipment 22,418 22,418 6
7 210 Accts Payable - Educational Software 8,294 8,294 7
8 215 Accounts Payable - T&N School Equipment 2,375 2,375 8
9 301 Jennifer Rachel, Capital 25,000 25,000 9
10 305 Jennifer Rachel, Withdrawals 500 500 10
11 310 Income Summary -------- -------- 11
12 401 Group Lessons Fees 311 311 12
13 405 Private Lessons Fees 1,645 1,645 13
14 505 Maintenance Expense 750 750 14
15 510 Miscellaneous Expense 60 60 15
16 515 Rent Expense 850 850 16
17 525 Utilities Expense 183 183 17
18 37,625 37,625 1,843 1,956 35,782 35,669 18
19 Net Income 113 113 19
20 1,956 1,956 35,782 35,782 20
 Fast Track Tutoring Service
Income Statement
For the Month Ended December 31, 2006

Revenue:
Group Lessons Fee 311
Private Lessons Fees 1,645
Total Revenue 1,956
Expenses:
Maintenance Expense 750
Miscellaneous Exopense 60
Rent Expense 850
Utilities Expense 183
Total Expenses 1,843
Net Income 113
 Fast Track Tutoring Service
Staement of Changes in Owner's Equity
For the Month Ended December 31, 2006

Beginning Capital, December 1, 2006 -------

Add:Investments ###
Net Income 113
Total Increase in Capital 25,113
Subtotal 25,113
Less:Withdrawals 500
Ending Capital, December 31, 2006 ###
 Fast Track Tutoring Service
Balance Sheet
December 31, 2006

Assets
Cash in Bank 9,616
Accounts Receivable - George McGarty 275
Office Supplies 73
Office Equipment 2,900
Instructional Equipment ###
Total Assets ###
Liabilities
Accounts Payable - Educational Software 8,294
Accounts Payable - T&N School Equipment 2,375
Total Liabilities ###
Owner's Equity
Jennifer Rachel, Capital ###
Total Liabilities & Owner's Equity ###
 Fast Track Tutoring Service
Post Closing Trial Balance
December 31, 2006

Cash in Bank 9,616

Accts Rec - George McGarty 275
Office Supplies 73
Office Equipment 2,900
Instructional Equipment ###
Accts Payable - Educational Software 8,294
Accts Payable - T&N School Equipment 2,375
Jeniffer Rachel, Capital ###
Totals ### ###